50 luxury waterfront condominiums were sold at auction this past Sunday after failing to sell through normal marketing channels.
Portland – like most markets has suffered from the real estate downturn that is not happening and the luxury end of the market has by no means been immune. The over building boom that turned most of the country’s docklands into high end condo developments meant a huge glut of condos in certain areas.
These condos sold at approximately 20% off the latest asking prices, which means around 50% less than peak asking prices.
Realistically – the development needed tenants and selling at a discount makes a lot more sense than a half empty building that cannot afford to maintain itself.
KGW has this to say:
